The decade-old emerging markets investor is banking that its track record will help it eclipse the $820m it gathered for its last vehicle according to Reuters, which cited people familiar with the matter.
TPG owns about 20 per cent of Northstar, which in turns has a five per cent holding in TPG.
The firm manages more than $1.2bn dedicated to Southeast Asia investing, with a primary focus on Indonesia.
Since its foundation Northstar has backed more than 20 companies in areas including banking and insurance, coal and mining, telecoms and agribusiness.
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